2016 ORDINANCES - Laserfiche WebLink

Home Browse Search

(fl Upon the termination or partial termination of the system. each member shall become fully vested. as of the termination date or partial termination date in his service retirement allowance to the extent funded. regardless of length of service or amount of creditable service. 4. Section 30-52 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-52. -Composition; appointment, term, suspension} or removal} and compensations of members; vacancies. The board shall consist of seven n 7 votin members to be appointed by the city council and two (21 non-voting ex officio members. One l~ex officio member shall be the chief financial officer or h~designee and the other ex officio member shall be the director of human resource management for l~designee. Of the voting members appointed by city council, ~n~ ^t_..11 L-„ - _ .,.t,. ,.~Tn.r~.in is n m ~ -«~~- ~ *l- n ~L. C' 1 ~ 1 T) ti' _~ d one~1- shall be a retired employee and sixes ~6 shall be other than employees or otherwise in the employ of the city. Each appointment shall be made for a term of four 4~ years, except an appointment to fill a vacancy which shall be for the unexpired term. Board members appointed by city council shall serve for no longer than a maximum of two (21 terms Members who are employees of ate department from which an appointment shall be made may propose names ofd employees for consideration ~ city council. To be considered for appointment to the board by city council.. an_. applicant must demonstrate an understanding of investments and financial markets. Board members shall attend annual trainin programs and shall comply with all applicable city policies. The council may suspend or remove any member of the board at its pleasure. A member of the board who is not an employee or otherwise in the employ of the city shall receive as his compensation $10.00 per day for each day or part thereof actually spent in the discharge of his duties. A member who is in the employ of the city shall receive as his compensation $10.00 for each day or part thereof actually spent in the discharge of his duties if such day or part thereof is not otherwise a part of the regular working hours of the employee. No member shall receive as compensation in the aggregate more than $120.00 in any one year. Members shall be reimbursed for the expenses incurred by them in the performance of their duties. 5. Section 30-55 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-55. -Employment of actuary; necessary expenditures. The board may employ an actuary as its technical advisor and incur such expenditures as it deems necessary for the efficient administration of the system. as_ specified by this article, within the limitations of funds provided by the city council for this purpose. A-2